Creditera Joins Ranks of Leading Small Business Advocates as Signatory on the Small Business Borrowers' Bill of Rights
SAN MATEO, Calif., Sept. 30, 2015 /PRNewswire/ -- Creditera today announced its role as a signatory on the Small Business Borrowers' Bill of Rights, an industry wide self-regulatory pledge to uphold and advocate for responsible best practices in order to protect the rights of borrowers. Creditera is the only signer who helps business owners understand and improve their credit data so they can qualify for the best funding available to them. The Small Business Borrowers' Bill of Rights echoes Creditera's core mission to empower small businesses by helping them better navigate the increasingly complex world of small business credit and financing.
"At Creditera we are dedicated to empowering small businesses by bringing transparency and efficiency to the financial and credit landscape," said Levi King, CEO and co-founder, Creditera. "Creditera was built as a result of our firsthand experience in facing the same challenges small businesses face today – understanding business credit and access to affordable financing. We know how difficult this can be as a small business owner, and we know that small businesses deserve advocacy and a pledge from the industry to support them. The Small Business Borrowers' Bill of Rights is a great move in that direction."
Small businesses are imperative to a thriving economy. Yet, research from Creditera's Small Business American Dream Gap Report found that more than 50 percent of small business owners are turned down for the funding and capital needed to fuel their business. While there is an increasing number of lending options, small business borrower protections and resources are not keeping pace, leaving small businesses unable to access affordable capital and not knowing why. Unlike the Fair Credit Reporting Act for personal credit, there is no true advocacy or watch dog looking out for small business owners and their growth potential. The Small Business Borrowers' Bill of Rights aims to correct unfair practices in the online lending industry and protect small business borrowers.
"Small businesses are too often overlooked and under-supported," said King. "Creditera has always been an advocate to cut through the clutter and confusion of the lending space, making small business' financial health simpler to manage. We are excited to join our peers and see the industry align in this next step to helping small businesses succeed."
While other signers of the Small Business Borrowers' Bill of Rights are either lenders, brokers or matchmakers, including: Accion, Fundera, Funding Circle, Lending Club, Opportunity Fund and Dealstruck, among others – Creditera is the only signer who provides business owners with their credit data to help them make more informed decisions. As a signer, Creditera believes small business owners deserve:
- The Right to Transparent Pricing and Terms, including a right to see an annualized interest rate and all fees;
- The Right to Non-Abusive Products, so that borrowers don't get trapped in a vicious cycle of expensive re-borrowing;
- The Right to Responsible Underwriting, so that borrowers are not placed in loans they are unable to repay;
- The Right to Fair Treatment from Brokers, so that borrowers are not steered into the most expensive loans;
- The Right to Inclusive Credit Access, without discrimination; and
- The Right to Fair Collection Practices, to prevent harassment and unfair treatment.
Click here for more detail on Creditera's pledge.
As the first online platform aiming to improve the credit landscape for each one of America's small businesses, Creditera empowers small business owners with easy-to-understand personal and business credit reports and advice. In addition, the platform dramatically simplifies the process of getting the financing or terms small businesses need to grow their business with a marketplace of lending options personalized to you credit profile. It is the only destination offering access to the FICO® LiquidCredit® Small Business Scoring Service℠ (FICO SBSS score), often called the credit score every small business needs to know. More than 7,500 lenders across the U.S. use FICO SBSS as part of the qualification for small business loans. Additionally, the U.S. Small Business Administration uses the FICO SBSS score to pre-screen its 7(a) loan applications under $350,000.
About Creditera
Creditera is the first site that gives small business owners access to both their personal and business credit data and insights for free. With the goal of empowering business owners with better transparency into their small business credit, the platform includes easy-to-read personal and business credit reports, contextual advice and monitoring all in one spot. It also provides tools that help members build business credit and a marketplace that makes it easy for them to use credit to run and grow their business.
SOURCE Creditera
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